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Oil prices jumped more than 2% on Friday after posting the biggest losses in recent years. US President Donald Trump has imposed more tariffs on imports from China, triggering a trade war between the world's two largest economies and consumers.
Brent crude futures fell more than 7% on Thursday, their biggest decline in more than three years, and WTI fell 8% to its worst daily performance in more than four years.
This plunge has put an end to a fragile recovery driven by a steady decline in US stocks, although global demand seems to be shaken by the trade dispute.
Futures contracts on Brent rose 3.9% to $ 62.60 per barrel while US futures contracts rose 3.09% to $ 55.58 per barrel.
Trump announced Thursday that it would impose a 10% charge on Chinese imports, worth $ 300 billion as of September 1, and that these taxes could increase further if Chinese President Xi Jinping did not act faster to reach a trade agreement.
At the same time, data from the Russian Ministry of Energy showed Friday that the country's oil output was 11.148 billion barrels a day in July, up from 11.155 billion bpd in June, and in tons, oil production reached 47.149 million barrels. Tone against 45.653 million in June.
The production of gas reached 54.66 billion cubic meters last month, or 1.76 billion cubic meters per day, against 54.38 billion cubic meters in June. The data showed that Russian crude oil exports by pipelines reached 4.609 million barrels per day in July. July. (Agencies)
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